Sina Corp. (NASDAQ: SINA - option chain) stock is falling today after the Chinese internet portal company reported Q1 earnings of $9.75 million, or 17 cents per share against estimates of 22 cents. SINA also forecast second-quarter revenue of $85 to $89 million. Analysts are forecasting revenue of $91.5 million for the quarter. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on SINA.

This morning, SINA opened at $30.13. So far today the stock has hit a low of $29.92 and a high of $31.30. As of 11:00, SINA is trading at $30.46, down $2.47 (-7.5%). The chart for SINA looks bullish.

Focus Media (NASDAQ: FMCN), a Chinese digital advertising company, closed at $10.98. January option implied volatility of 132 is above its 26-week average of 106, according to Track Data, suggesting larger price movement.

SINA Corp (NASDAQ: SINA), a Chinese online media company, closed at $29.24. SINA January option implied volatility is at 63; March is at 70; above its 26-week average of 61, according to Track Data, suggesting larger price movement in early spring.

Shanda Interactive (NASDAQ: SNDA), an interactive entertainment media company in China, closed at $30.33. SNDA January option implied volatility of 66 is near its 26-week average according to Track Data, suggesting non-directional price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

SINA Corp (NASDAQ: SINA), a Chinese online media company, is scheduled to report Q2 EPS on August 6. SINA August option implied volatility is at 78; September is at 55. SINA average option implied volatility over the last 26-weeks is 58 according to Track Data, suggesting larger August price movement.

The9 (NASDAQ: NCTY), an online game operator headquartered in Shanghai, closed at $22.73. NCTY is scheduled to report Q2 EPS on August 7. NCTY August option implied volatility is at 101, September at 81; above its 26-week average of 69, suggesting larger price movement.

NetEase (NASDAQ: NTES), an interactive online community in China, is scheduled to report Q2 EPS after the market close on August 13. NTES August option implied volatility of 70 is above its 26-week average of 45, suggesting larger price fluctuations.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Monday August 6

• Blue Nile Inc (NASDAQ: NILE) to report Q2 earnings; conference call at 5pm.
• SINA Corporation (NASDAQ: SINA) to report Q2 earnings; conference call at 9pm.

Tuesday August 7

• Tenet Healthcare Corporation (NYSE: THC) to report Q2 earnings; conference call at 11am.
• Cisco Systems Inc (NASDAQ: CSCO) to report Q4 earnings; conference call at 4:30pm.

Wednesday August 8

• Sprint Nextel Corporation (NYSE: S) to report Q2 earnings; conference call at 8am.
• Hot Topic Inc (NASDAQ: HOTT) to report monthly sales at 4pm.

Thursday August 9

• More monthly sales reports, including: Chicos FAS Inc (NYSE: CHS) at 7:30am; Limited Brands Inc (NYSE: LTD) at 7:30am; Wal-Mart Stores Inc (NYSE: WMT) at 8am; AnnTaylor Stores Corporation (NYSE: ANN) at 8am; and Abercrombie & Fitch Co (NYSE: ANF) at 8:15am.

Friday August 10

• EchoStar Communications Corporation (NASDAQ: DISH) to report Q2 earnings; conference call at 12pm.
• PDUFA date for Solvay SA (OTC: SVYSY) and Wyeth's (NYSE: WYE) Bifeprunox for the treatment of Schizophrenia.

Baidu(NASDAQ:BIDU) implied volatility Flat as BIDU trades near record Highs. BIDU, a Chinese language internet search provider, is recently trading up $1.83 to $155.89. SUSQ say's "we forecast BIDU will launch some-commerce products in the future to directly exploit the e-commerce take-off in China. We maintain our Positive rating in BIDU." BIDU over all option implied volatility of 40 is near its 26-week average of 43 according to Track Data, suggesting flat risks.

SINA Corp(NASDAQ:SINA) implied volatility Flat as SINA near record high. SINA, a leading online media company and value added information service provider for Chinese communities, is recently up $1.55 to $41.50. GROW raised its rating on SINA to Outperform. SINA over all option implied volatility of 38 is near its 26-week average of 36 according to Track Data, suggesting flat risk.

Option volume leaders today are: Sun Microsystems (NASDAQ:SUNW), Sirius Satellite (NASDAQ:SIRI) and Ford (NYSE:F).

Daily Option Update is provided by Stock Options Specialist Paul Foster of theflyonthewall.com.